Smith, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2018, and additional information follow: E: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. 0 Data Table Smith, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Quarter Ended Nine-Month Nine-Month Total March 31 T otal Cash sales, 20% $ 30,000 $ 120.000 June 30 September 30 40,000 $ 35,000 $ 160,000 140,000 105,000 420,000 Credit sales, 80% Plus: 150.000 $ 200.000 $ 175.000 $ 525.000 Total sales Less: Print Done * More Info - X In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $20,000